budget statement 2012.indd - Grenada Customs & Excise Division

interest payments; and a further $72.0 million are provided for transfers
including pensions, gratuities and subventions.
The $235.2 million allocated for capital expenditure represents an
increase of $72 million over the estimated outturn for 2011. This is
to be financed by $119.7 or 50 percent from local revenue and treasury
bills; $58 million or 25 percent from external grants and the
remaining $57.5 million or 25 percent from external loans.
Current revenue for 2012 is projected at $459.3 million, 8.2 percent
higher than collections in 2011. This projection includes $219.7
million from Customs and Excise and $215.5 million from Inland
Revenue.
Non-tax revenue is projected at $47.7 million, a 24% increase over
2011.
Government projects a small current account balance of $1.5 million.
Finally, the overall deficit (including grants) is projected to be $167.2
million.
5.2 EXPENDITURE REDUCTION MEASURES
Mr. Speaker, in a period of stagnant revenues and rising costs, Government
like any household or business must do its utmost to cut costs.
Reduction in International Travel
The allocation for international travel in 2012 has been cut by 50%.
This will result in a savings of $800,000 compared to the previous
year. Government Ministers and officials will travel on essential business
only.
Cut in Salaries of Ministers of Government
Mr. Speaker, as a demonstration of our commitment to lead the cost
cutting effort by example, the Prime Minister and all Ministers will
take a 5% cut in their salaries from April 2012.
2012 Budget Statement Page 25